College Q&A: Counseling required for first time borrowers

By Katy Long
July 28, 2012 at 2:28 a.m.

What is mandatory entrance counseling and why do I have to go?

Mandatory entrance counseling is required for all first-time borrowers who plan to accept a student loan to pay for their education. You must complete the counseling session and pass a short test at the end of the session before the Financial Aid Office will be able to release your loan money.

Counseling sessions last about 45 minutes and include basic information about student loans, such as the difference between a subsidized and unsubsidized loan.

Accepting a student loan is an important financial responsibility because loans must be repaid. These counseling sessions help ensure that student borrowers understand the requirements, rules and repayment terms of their loans.

You will also learn what the consequences are if you default, or do not pay back, a federal loan. Loan default rates have been increasing, but these sessions include more information about how lenders offer flexible repayment options such as deferment, forbearance or income-based payment adjustments.

The college's financial aid counselors can also work with you to determine how much you may need to repay when borrowing various amounts and help you create a realistic budget that includes loan repayment.

Entrance Loan Counseling Sessions are scheduled on the following dates on the main VC campus in Victoria and at VC's Calhoun County Center and VC's Gonzales Center:• From 4-5 p.m. Aug. 7 and Sept. 4 at VC Calhoun County Center, Room 9From 4-5 p.m. Aug. 7 and Sept. 4 at VC Calhoun County Center, Room 9